The Importance of Generational Planning
In today’s complex financial landscape, it is more important than ever to plan for the future—not just for ourselves, but for future generations. Generational planning helps ensure that wealth is preserved, managed, and passed on to children, grandchildren, and beyond in a way that reflects your family’s unique values and goals. The Briggs Group at Plaza Advisory specializes in offering a full suite of generational planning services, tailored to help ensure that your family’s financial legacy is sustained for years to come.
Why Generational Planning Matters
1. Ensuring Continuity
The objective of generational planning is to make certain that wealth is not only passed down, but also managed in a way that promotes long-term stability. Without a clear plan, financial resources can be mismanaged or dissipated by future generations. Having a proactive, well-thought-out strategy helps avoid common pitfalls like improper asset division, estate taxes, and unanticipated disputes
2. Promoting Family Values
Generational planning isn’t just about assets and investments—it’s also an opportunity to pass down your family's values. Whether it’s charitable giving, responsible financial management, or supporting specific causes, an effective plan helps to ensure that these priorities are preserved and executed through successive generations.
3. Mitigating Tax Liabilities
The transfer of wealth between generations often involves complex tax considerations. Without a proper strategy in place, families can face excessive estate, gift, or capital gains taxes. Our experienced team ensures that your assets are structured to help maximize tax efficiencies and preserve as much wealth as possible for future generations.
4. Avoiding Family Disputes
Family dynamics can be complicated, and disputes often arise during wealth transfers. Clear generational planning with defined roles, responsibilities, and distributions reduces the risk of conflicts and helps maintain family harmony.
5. Asset Protection
Crucial component of estate planning, as it safeguards your wealth from potential creditors, lawsuits, and unforeseen financial risks. By strategically structuring your assets—such as through trusts, limited liability entities, and insurance—you can protect your estate from legal claims and help ensure that your wealth is preserved for future generations.
How We Differentiate Ourselves: Our Generational Planning Services
The Briggs Group at Plaza Advisory understands that every family is unique, and so are their planning needs. We differentiate ourselves by offering a comprehensive range of generational planning services that are designed to align with your specific goals:
Family Education
We help families develop governance structures and facilitate family meetings to educate future generations on wealth management principles, ensuring that heirs are equipped with the knowledge and skills to manage their inheritance responsibly. What it means to “Become and Executor and/ or Trustee”.
Tax-Efficient Family Planning
Our team works with your estate attorney and accountant to help maximize tax efficiency strategies while ensuring your assets are distributed in accordance with your wishes.
Family Protection and Management
We help you design customized strategies to ensure smooth transitions of wealth across generations, whether there are concerns of future generations to be good stewards of the assets, or personality issues. In addition to special needs cases or complex family dynamics.
Charitable and Philanthropic Planning
For families with a focus on giving back, we offer tailored strategies that integrate charitable donations, philanthropic trusts, donor advised funds, and foundations into your legacy planning.
Intrafamily Lending and Gifting Strategies
We analyze and provide comprehensive ideas to your family lending, banking, and transition needs.
Legacy Planning
Beyond financials, we focus on broader legacy planning, including the preservation of family stories, traditions, and values to foster lasting connections between generations.
Business Succession Planning
If your family’s wealth includes a business, we provide experienced guidance on succession planning, ensuring the seamless transfer of leadership and ownership while preserving the company’s future.
Conclusion
Generational planning is not just about managing assets; it's about ensuring that your wealth is sustained and your family's values are carried forward. The Briggs Group at Plaza Advisory takes a personalized approach to generational wealth planning, offering a full suite of services to help meet your family’s unique needs. Let us partner with you to create a lasting financial legacy that benefits not just you, but your children, grandchildren, and generations to come.
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
Steward Partners, its affiliates, and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
Securities are offered through Steward Partners Investment Solutions, LLC (“SPIS”), registered broker/dealer, member FINRA/SIPC. Investment advisory services are offered through Steward Partners Investment Advisory, LLC (“SPIA”), an SEC-registered investment adviser. SPIS, SPIA, and Steward Partners Global Advisory, LLC are affiliates and collectively referred to as Steward Partners. Representatives of The Briggs Group at Plaza Advisory are registered with and provide securities and/or advisory services through Steward Partners.
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